Update On Dollar DXY Index New Highs :) :) Patiently Waiting LOL

Just a quick update on the post I posted yesterday on the DXY intially it went as expected after the news spiked to NEW highs and then quickly retracing back under the 110.750 previous high though with the hawkish tone from the FED we quickly rallied back up to NEW highs and we got the DAILY close above the 110.750 high as I said if this happened expect more upside.

We have rallied into the next resistance level today which is a previous LOW from 2001 I am still expecting a big correction before a rally back up to the Monthly SUPPLY/SELL zone thouugh I need to wait for a DAILY signal on my indicator to occur as you can see in the image below when these signals appear in the current areas then the probability of a retracement is very high


For buying the DXY again you don't really want to be entering long positions when its popping NEW highs as the concept of trading is BUY low and SELL high so for going LONG would really need the correction and enter BUYs in a area were there will likely be institutional demand these areas are easier to spot on higher timeframe charts.

Selling is risky also and it requires patience waiting for the signal to occur this is how I am seeing things :)